“With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives, and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on — now and into the future,” Stein added.
The Opioid Crisis and Ongoing Litigation
The opioid epidemic, one of the most pressing public health crises in the United States, has put companies like Rite Aid at the epicenter of a growing maelstrom. The opioid crisis has claimed nearly five times more lives due to prescription opioids in 2021 than in 1999, according to data from the U.S. Centers for Disease Control and Prevention, with nearly 280,000 prescription opioid-related deaths in that period.
In March, the U.S. Department of Justice took up a federal whistleblower suit in Ohio, alleging that Rite Aid knowingly filled hundreds of thousands of illegal prescriptions, including dangerous combinations of opioids, benzodiazepines, and muscle relaxants. Rite Aid sought to dismiss the suit in June, arguing that it had exceeded regulatory requirements governing prescription fills.
